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Strategic Mgt
Test 1 Strategic Leadership
18
Business
Undergraduate 4
02/18/2007

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Term
Strategic Leadership
Definition
requires on to anticipate and envision, maintain flexibility an em power others to create strategic change. Multifunctional work that involves working through others.
Term
What do effective Strategic Leaders do?
Definition
Manage firms operations effectively. Sustain high performance over time. Make better decisions than their competitors. Candid, Courageous, and pragmatic. Solicit Feedback from peers.
Term
Factors that effect the amount of decision making descretion
Definition
External Environment. Characteristics of the company. Characteristics of the manager. High Growth managers have more discretion.
Term
External Environment Factors
Definition
Industry Structure. Rate of Market Growth. Number and types of competitors. Political/legal constraints. Degree to which products can be differentiated.
Term
Organizational Factors
Definition
Size, Age, Culture, Availability of Resources, patterns of interaction among employees
Term
Manager Characteristics
Definition
Tolerance for ambiguity, Commitment to the firm and its desired strategic outcomes. Interpersonal skills. Aspiration level. Degree of Self Confidence.
Term
Heterogeneous Mgt. Team characteristics.
Definition
vaired expertise and knowledge. Can Draw on multiple perspectives. Will evaluate multiple strategies.
Term
Higher or Lower performance when board of directors are actively involved in shaping strategic dircection
Definition
Higher
Term
Internal Mgt labor market
Definition
advancement opportunities related to managerial positions within a firm
Term
External Mgt. Labor market
Definition
career opportunities for managers in organizations other than the one for which they currently work.
Term
Advantages from picking mgt from within organization
Definition
experiece with firm and industry. familiarity with company products, markets, technology, and operating procdeures. Lower turnover among existing personal.
Term
Advantages from picking mgt from outside of the organziation
Definition
long tenured insiders may be "stale in the saddle." outsiders may bring fresh perspectives.
Term
Long Term Vision has two parts...what are they?
Definition
Core ideology and Envisioned future.
Term
Core competency
Definition
Resources and capabilities of a firm that serve as a source of competitive advantage over its rivals.
Term
Human Capital
Definition
the knowledge and skills of the firms entire workforce are a capital resource that requires investment in training and development.
Term
Social Capital
Definition
Relationships inside and outside the firm that help it accomplish tasks and create value for customers and shareholders.
Term
Organizational Culture
Definition
the complex set of ideologies, symbols, and core values shared through the firm that influences the way business is conducted.
Term
How do controls help strategic leaders?
Definition
build credibility, demonstrate the value of strategies to the firms stakeholders and promote and support strategic change.
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